1st Qtr Results-Supplement

BP Amoco PLC 9 May 2000 Group Results 1st Quarter 2000 INVESTOR RELATIONS SUPPLEMENT BP Amoco's Gas and Power Business has been reported separately in the Stock Exchange Announcement. Comparative figures for all quarters of 1999 are included in this supplement. Also in this quarter, the Supplement includes some history for ARCO, covering the four quarters of 1999 and 1Q 2000. ARCO is still shown on the US GAAP accounting convention, but business segment earnings have been restated on to a pre-tax basis. Earnings for ARCO's Exploration and Production Alaskan assets are shown separately. ARCO will be consolidated on a UK GAAP basis into BP Amoco's results from 2Q 2000. Historical UK GAAP comparative figures for ARCO will be available prior to publication of the 2Q results. Page SECTION A - BP AMOCO Replacement Cost Operating Profit Adjusted for Special Items by Segment 3 Special Items by Segment 4 Environmental Indicators 5 Per Share Amounts 5 Cash Earnings 6 ROACE 6 Net Debt Ratio 6 SECTION B - BP AMOCO Exploration and Production / Gas and Power History 1999 Replacement Cost Operating Profit 7 Turnover 7 Exceptional Items 8 Capex 8 SECTION C - ARCO HISTORY 1999 AND 1Q 2000 (US GAAP) Earnings 9 Special Items 9 Operating Statistics 10 SECTION A - BP AMOCO -------------------- REPLACEMENT COST OPERATING PROFIT ADJUSTED FOR SPECIAL ITEMS BY SEGMENT First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Exploration and Production UK 1,088 861 350 Rest of Europe 188 176 77 USA 1,191 947 240 Rest of World 760 644 169 ----------------------- 3,227 2,628 836 ======================= Gas and Power UK (5) 2 5 Rest of Europe 55 46 52 USA (1) (2) 4 Rest of World 3 2 7 ----------------------- 52 48 68 ======================= Refining and Refining UK 33 86 (9) Rest of Europe 36 48 100 USA 424 210 117 Rest of World 181 120 155 ----------------------- 674 464 363 ======================= Chemicals UK (31) (9) 44 Rest of Europe 78 76 65 USA 168 147 111 Rest of World 44 52 (3) ----------------------- 259 266 217 ======================= Other businesses and corporate UK (111) (72) 4 Rest of Europe 9 1 (6) USA (114) (28) (128) Rest of World 5 (1) 6 ----------------------- (211) (100) (124) ----------------------- 4,001 3,306 1,360 ======================= SPECIAL ITEMS BY SEGMENT (PRE-TAX) First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Exploration and Production UK - - 32 Rest of Europe - 1 2 USA - 25 48 Rest of World 24 17 4 ----------------------- 24 43 86 ======================= Gas and Power UK - - - Rest of Europe - - - USA - - - Rest of World - - - ----------------------- - - - ======================= Refining and Marketing UK - 35 13 Rest of Europe - 2 - USA - 96 4 Rest of World - 38 - ----------------------- - 171 17 ======================= Chemicals UK - 67 2 Rest of Europe - - 4 USA - 20 4 Rest of World - 40 1 ----------------------- - 127 11 ======================= Other Businesses and Corporate UK - 67 - Rest of Europe - - - USA 16 173 - Rest of World - - - ----------------------- 16 240 - ======================= Bond Redemption Charges - 24 - ----------------------- Total 40 605 114 ======================= ENVIRONMENTAL INDICATORS First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= Average oil realizations* ($/bbl) UK 26.23 23.35 11.05 USA 24.14 21.64 9.86 Rest of World 23.76 23.20 10.45 BP Amoco average 24.75 22.70 10.45 ----------------------- Average natural gas realizations ($/mcf) UK 2.23 2.22 2.31 USA 2.34 2.35 1.59 Rest of World 1.75 1.69 1.61 BP Amoco average 2.12 2.08 1.80 ----------------------- Henry HUB gas price ($/mcf) 2.52 2.58 1.75 ----------------------- Indicative global refining margins($/bbl) UK 2.42 1.32 0.68 USA 2.68 0.22 0.80 Rest of World 2.04 0.17 1.19 BP Amoco average 2.45 0.68 0.82 ----------------------- Chemicals indicator margin ($/te) 119 128 122 ======================= * Crude oil and natural gas liquids. PER SHARE AMOUNTS First Fourth First+ Quarter Quarter Quarter 2000 1999 1999 ======================= Ordinary shares outstanding at period end (million) 19,493 19,484 19,443 - ADS equivalent (million) 3,249 3,247 3,241 Average ordinary shares (million) 19,427 19,386 19,338 - ADS equivalent (million) 3,238 3,231 3,223 ----------------------- Replacement cost profit after exceptional items ($m) 2,553 1,195 (183) cents/ordinary share 13.14 6.16 (0.95) cents/ADS 78.84 36.96 (5.70) ----------------------- Replacement cost profit before exceptional items ($m) 2,677 1,684 677 cents/ordinary share 13.78 8.67 3.50 cents/ADS 82.68 52.02 21.00 ----------------------- Replacement cost profit before exceptional items - adjusted for special items ($m) 2,707 2,123 761 cents/ordinary share 13.93 10.95 3.93 cents/ADS 83.58 65.70 23.58 ======================= + Amounts have been restated for the 2 for 1 share split on 4 October 1999. CASH EARNINGS (PRE-EXCEPTIONAL ITEMS) First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Replacement cost operating profit* 3,961 2,725 1,246 Earnings from joint ventures and associates (354) (256) (299) Dividends from joint ventures and associated undertakings 226 187 257 Depreciation and amounts provided 1,195 1,372 1,244 Exploration expense 131 111 172 Interest paid (224) (259) (281) Tax paid (537) (619) (45) Dividends paid to minority shareholders (2) (6) (65) ----------------------- Cash earnings 4,396 3,255 2,229 ======================= *Includes the following charges for special items 40 581 114 ----------------------- RETURN ON AVERAGE CAPITAL EMPLOYED First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Replacement cost profit before exceptional items 2,677 1,684 677 Special items (post tax) 30 439 84 Interest 296 329 304 Minority shareholders' interest 68 53 11 Average Capital Employed 59,571 59,538 56,974 ----------------------- ROACE 20.4% 13.9% 7.0% ROACE - adjusted for special items 20.6% 16.7% 7.6% ======================= NET DEBT RATIO First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= Net debt: Net debt + equity 23% 23% 25% ======================= SECTION B - BP AMOCO -------------------- EXPLORATION AND PRODUCTION/GAS AND POWER HISTORY 1999 REPLACEMENT COST OPERATING PROFIT 1Q 2Q 3Q 4Q Year 1999 1999 1999 1999 1999 ================================= $ million Previously reported Exploration & Production total 818 1,503 2,240 2,633 7,194 ================================= Restated as: Exploration and Production UK 318 458 673 861 2,310 Rest of Europe 75 74 163 175 487 USA 192 425 597 922 2,136 Rest of World 165 508 750 627 2,050 --------------------------------- 750 1,465 2,183 2,585 6,983 ================================= Gas and Power UK 5 3 4 2 14 Rest of Europe 52 29 44 46 171 USA 4 2 3 (2) 7 Rest of World 7 4 6 2 19 --------------------------------- 68 38 57 48 211 ================================= TURNOVER 1Q 2Q 3Q 4Q Year 1999 1999 1999 1999 1999 =================================== $ million By business Exploration and Production 3,470 4,355 5,678 5,630 19,133 Gas and Power 1,216 1,153 1,359 1,595 5,323 Refining and Marketing 10,167 13,988 16,697 22,041 62,893 Chemicals 2,123 2,248 2,297 2,724 9,392 Other businesses and corporate 30 45 39 84 198 ----------------------------------- 17,006 21,789 26,070 32,074 96,939 Less: sales between businesses 2,364 2,773 4,112 4,124 13,373 ----------------------------------- Group excluding JVs 14,642 19,016 21,958 27,950 83,566 Sales of joint ventures 3,342 3,923 4,707 5,642 17,614 ----------------------------------- 17,984 22,939 26,665 33,592 101,180 =================================== EXPLORATION AND PRODUCTION/GAS AND POWER HISTORY 1999 EXCEPTIONAL ITEMS 1Q 2Q 3Q 4Q Year 1999 1999 1999 1999 1999 ================================= $ million Previously reported Exploration & Production total (9) 8 (419) (91) (511) ================================= Restated as: Exploration and Production (9) 8 (419) (105) (525) Gas and Power - - - 14 14 ================================= CAPITAL EXPENDITURE AND ACQUISITIONS 1Q 2Q 3Q 4Q Year 1999 1999 1999 1999 1999 ================================= $ million Previously reported Exploration & Production total 934 1,102 775 1,401 4,212 ================================= Restated as: Exploration and Production UK 244 203 135 187 769 Rest of Europe 8 5 44 37 94 USA 362 400 318 793 1,873 Rest of World 320 490 277 371 1,458 --------------------------------- 934 1,098 774 1,388 4,194 ================================= Gas and Power UK - - - - - Rest of Europe - - - 3 3 USA - 3 - 5 8 Rest of World - 1 1 5 7 --------------------------------- - 4 1 13 18 ================================= SECTION C - ARCO ARCO HISTORY 1999 and 1Q 2000 - US GAAP EARNINGS 1Q 2Q 3Q 4Q Year 1Q 1999 1999 1999 1999 1999 2000 ======================================== $ million Exploration and Production (pre-tax) Alaska 47 160 212 370 789 398 International 39 32 (91) 146 126 280 Vastar (5) 40 75 75 185 82 Other Lower 48 operations 43 48 82 108 281 108 ---------------------------------------- Total Exploration and Production 124 280 278 699 1,381 868 ---------------------------------------- Refining and Marketing (pre-tax) 205 332 278 112 927 104 ======================================== Other Operations and Corporate (pre-tax) Pipelines, Aluminium and other 38 37 41 23 139 22 Unallocated (11) (30) (69) (23) (133) 18 ---------------------------------------- Total Other Operations and Corporate 27 7 (28) - 6 40 ======================================== Interest expense (pre-tax) (95) (95) (98) (110) (398) (110) Tax (93) (202) (87) (151) (533) (271) Minority Interest (3) (9) (13) (13) (38) (14) ---------------------------------------- Net Income from continuing operations 165 313 330 537 1,345 617 Discontinued operations - - 42 35 77 - ---------------------------------------- Reported Net Income 165 313 372 572 1,422 617 ======================================== SPECIAL ITEMS Exploration and Production - 10 (179) (26) (195) 41 Refining and Marketing (3) - (4) 1 (6) (37) Other Operations and Corporate (8) 13 (36) (8) (39) 1 ---------------------------------------- Total benefit (charge) (11) 23 (219) (33) (240) 5 ======================================== Tax (charge) credit 4 (12) 38 29 59 29 Discontinued operations - - 42 35 77 - ---------------------------------------- Reported special items post tax (7) 11 (139) 31 (104) 34 ======================================== ARCO HISTORY 1999 and 1Q 2000 - US GAAP OPERATING STATISTICS 1Q 2Q 3Q 4Q Year 1Q 1999 1999 1999 1999 1999 2000 ======================================== Exploration and Production Crude, condensate, NGL Production (net mb/d) Alaska 345 317 291 324 319 307 Vastar 56 60 62 62 60 67 Other Lower 48 operations 92 85 83 80 85 76 ---------------------------------------- Total USA 493 462 436 466 464 450 ---------------------------------------- United Kingdom 50 43 47 46 46 45 Indonesia 40 27 22 15 26 18 Algeria 21 14 21 12 17 17 Venezuela 32 31 33 33 32 31 NGLs/Other 36 35 41 39 38 28 ---------------------------------------- Total International 179 150 164 145 159 139 ---------------------------------------- Total liquids production 672 612 600 611 623 589 ======================================== Natural Gas Production (net mmcf/d) Vastar 1,168 1,095 1,043 1,008 1,078 1,054 Other US 192 164 179 189 181 204 ---------------------------------------- Total USA 1,360 1,259 1,222 1,197 1,259 1,258 ---------------------------------------- United Kingdom 611 356 275 562 451 586 Indonesia 267 287 270 200 247 242 Indonesia LNG 203 236 261 202 251 262 China 91 104 134 125 114 108 Other 57 50 58 61 56 63 ---------------------------------------- Total International 1,229 1,033 998 1,150 1,119 1,261 ---------------------------------------- Total Natural Gas Production 2,589 2,292 2,220 2,347 2,378 2,519 ======================================== Refining and Marketing Refinery runs USA (mb/d) 457 377 429 433 424 403 Product Sales USA (mb/d) 556 589 571 563 568 584 ========================================

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